Last week’s U.S. Treasury buyback kicked off a debasement trade, with investors dumping paper currencies for hard assets like gold, and sent XAU/USD soaring more than 5% in five days.
Two major tests this week could either keep that trade rolling or stop it cold. The Fed’s preferred inflation gauge lands today, while the new Fed Chair delivers his first Jackson Hole speech on Friday, giving markets two potential catalysts that could pull gold in opposite directions.
Multi-Timeframe Technical Breakdown
Gold (XAU/USD): Weekly
Gold (XAU/USD) Weekly Chart Faster with TradingView
After peaking above $5,400 in early 2026, gold slid toward $3,900 by July before rebounding sharply. The latest weekly candle closed in the mid-$4,600s, recovering months of losses within weeks. The rising 100 SMA and slower 200 SMA remain well below current prices.
The weekly RSI sits near 60. Since readings above 70 suggest overbought conditions and below 30 point to oversold conditions, gold still has room to run before momentum reaches levels often linked to longer pauses.
The weekly Pivot Point sits well below current prices at $3,829. The First Resistance Pivot at $5,043.628 marks the next major weekly ceiling.
